Sacramento Mayor Kevin Johnson announced Monday morning in Orlando that the framework of a deal was reached with the Kings and the NBA for a new downtown arena.

Rob McAllister of KFBK radio said the Maloof family, NBA Commissioner David Stern and Johnson came out of a meeting around 10:30 a.m. and confirmed they have a deal to make a new sports and entertainment arena. The deal will still need to be approved by Sacramento's City Council.

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McAllister, who is in Orlando, posted on Twitter that Johnson said he had to control himself from jumping up and down.

"Put it in the books and send him to the line!" the mayor said on Twitter.

Does Arena Deal Have City Council Votes?

KCRA 3 confirmed with the Mayor's office that the Maloofs have agreed to put up more than $70 million toward the construction of an arena.

Gavin Maloof was close to tears when speaking with the media in Orlando. McAllister said Gavin Maloof took a minute to compose himself before saying the words, "Thank you."

Sacramento city officials, the Maloofs and the NBA were in their third consecutive day of talks, aimed at keeping the Kings in town.

George Maloof called the deal "fair" and said that a new arena will make the team more competitive in the future.

Sacramento's City Council will vote on the plan March 6. Five of the nine City Council members must approve the deal before it goes forward.

Council member Angelique Ashby told KCRA 3's David Bienick that she spoke with Johnson and that the deal sounds good for Sacramento, and her region, Natomas.

"If it includes the things that we have laid out over the past few weeks, which it sounds like it does, than I think we have a really good shot. Cant wait to see the details," Ashby said.